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Silverjet to relaunch?

Published: 11/06/2008 - Filed under: News »

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New life may be breathed into the all-business class sector, if the latest rescue package for Silverjet is successful.

According to the airline’s administrators an agreement has been reached to buy the airline by Kingplace Ltd, a company registered in Ireland and managed by Geneva-based investment trust Heritage Cie. The sale - the details of which have not been disclosed - is due to be completed by this Friday (June 13).

If successful it would be a remarkable turnaround for Silverjet, whose planes have been grounded since May 30. It is understood that the deal includes the carrier’s employees being retained and existing tickets being honoured.

Silverjet’s CEO Lawrence Hunt said the airline would be working “around the clock to launch our New York and Dubai services as quickly as possible”.

For more information visit flysilverjet.com, and for Alex McWhirter's indepth look at how soaring oil prices are affecting the aviation industry, click here.

Report by Mark Caswell

COMMENTS » 

BusinessTraveller - 13/06/2008 17:08

Business Traveller update:

Rescue talks have broken down between Silverjet and Kingplace Ltd, so it now appears unlikely that the all-business class carrier will fly again. The airline's 420 staff have been formally made redundant today (June 13).

Silverjet's administrators Begbies Traynor blamed "unusually complex negotiations with third parties" for the breakdown of talks.

BusinessTraveller - 16/06/2008 13:44

Business Traveller update:

It does appear that it's all over for Silverjet, as this email was received into the Business Traveller offices today:

"To all our friends and supporters of Silverjet,

It is with great sadness that we have decided to draw a line under our efforts to raise additional funding for Silverjet. As you know, we have been battling for months to gain the additional investment we need to reach critical mass. In the end, the investment climate has become too cautious and the economic conditions very difficult for us gain the scale we needed.

Thank you to all of you who have invested, given us your business, been part of our achievements and sent messages of support and encouragement over recent weeks.

My focus now is to ensure that Silverjet is wound up as smoothly as possible and to ensure our amazing team of people find new jobs as quickly as possible. If you have or know of opportunities, please do let me know where our people should apply and I will pass on the details.

Best wishes

Lawrence

BusinessTraveller - 18/06/2008 15:37

Business Traveller update:

There are unconfirmed reports that the as-yet unlaunched Arabjet Airlines may be interested in rescuing Silverjet. CEO Mohammed el-Shanti is said to be "interested in Silverjet's survival", although with the staff now having been made redundant it will be an uphill task to revive the all-business class carrier.

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